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New Study From Entrust Finds Consumers Prefer Digital Banking Experiences, But Are Concerned About Security

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A survey from Entrust details preferences of the modern banking customer, with consumers indicating a need for online banking capabilities, secure cards with chips and enhanced payment security

The global transformation of banking and payments has only accelerated over the past few years, and between web trends and a global pandemic, the industry has seen disruption from all angles. Consumers are digitally connected in almost all facets of their lives — and it’s evident they expect the same from their banks and payment experiences, with consumers overwhelmingly expressing a preference for digital offerings from their financial institutions. Amid this critical time for banks and credit unions, Entrust, a global leader in trusted identity, payments and data protection, set out to uncover how this disruption has impacted consumer sentiment, preferences, and habits in its new data study released today, “The Great Payments Disruption.”

Entrust surveyed 1,350 consumers from nine countries, including the United States, Canada, United Kingdom, Germany, Saudi Arabia, United Arab Emirates, Singapore, Australia and Indonesia, who have made or received digital payments in the past 12 months. The results help paint a picture of where the banking industry stands in 2022, and what the future holds as The Great Payments Disruption continues.

“This study highlights how more than ever, consumer banking is about digital interactions first, and that they must create that digital experience with security at its foundation,” said Jenn Markey, vice president of product marketing at Entrust. “Our study found both an overwhelming preference for online banking and a significant concern about fraud – in fact, more than two-thirds of consumers in our survey changed their bank or credit union after receiving a fraud or privacy alert.  It’s clear that financial institutions must meld rich digital experiences with proven security measures such as biometric security solutions to increase consumer trust and loyalty.”

The Dawn of a New Banking Landscape

Each section of the study considers a different aspect of the transition in the banking and payments industry as more digital, contactless options become available for consumers. Here are some of the key findings from each section:

  • Omnichannel touchpoints are increasingly important in digital banking: 88% of respondents said they prefer to do their banking online in some form – clear evidence that digital banking is the new norm. However, it is still essential to provide a variety of digital options, as 59% said they prefer using the app from their bank or credit union, while 29% prefer their desktop web browser. Some people do still prefer in-person banking, such as at a branch (8%) or at an interactive teller machine (3%). Overall, it is essential for banks to offer omnichannel, digital-first solutions to resonate with today’s consumers.
  • Customers are security-conscious and lack of security can have damaging consequences: 90% of respondents said they were concerned about the potential of banking or credit fraud as banking and credit become more digital. Many respondents had personal experience with these fraud risks, with 42% saying they have received notification of a personal banking or credit fraud in the past 12 months. These incidents clearly damage customer loyalty, as 67% of respondents notified of fraud changed their bank or credit union as a result.
  • Fee structures and flexible payment options give banks an edge: Consumers are most likely to consider lower fees, digital solutions and security when choosing or changing their bank. With consumers looking for high-quality, low-cost digital banking, challenger banks could add to their current disruption by offering things like fee-free overdraft protection and unlimited foreign exchange. There is widespread interest in the digital banking atmosphere, with 86% of respondents from the U.S. saying they would consider using a branchless online banking service for their banking. Additionally, challenger banks offer new ways to pay, and 52% of respondents said they would consider using digital currencies for payments.

More digitally issued cards could further fuel the rise of contactless payments: Respondents listed credit/debit cards with chips (50%) as their most preferred payment method, but contactless credit/debit cards (48%) were a close second. Additionally, 53% of respondents said they’ve received a digitally issued debit or credit card from their bank or credit union. Digital cards can be an effective selling point as almost two-thirds of survey respondents prefer to open a bank account digitally. This preference is high across generations as well: Gen Z (65%), Millennial (69%) and Gen X (54%).

 

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Times International and SaaScada partner to deliver innovative trade and commerce financial solutions

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Global trade is forecast to increase between 30% and 70% by 2030, with 80% relying on trade finance. With traditional merchant banks struggling to meet the challenges of digitisation needed to deliver faster trade flows, Times International will focus on bridging the current supply chain funding gaps, offering market leading digital finance and FOREX services to SMEs in addition to insurance and logistics.

Times International will initially launch as a wholesale funded lender in the first quarter of 2023 and apply in parallel for approval to become a fully regulated Bank.

SaaScada’s flexible and scalable technology has been selected to deliver the core banking solution and the team will work closely with Times International to build a cohesive eco-system of financial technology suppliers.

This will deliver greater transparency and an elevated customer experience for all users across the full trade cycle which will deliver international trade finance to SMEs in the UK, continental Europe, and APAC.

Times International chose SaaScada’s core banking technology due to both the excellence of its platform and alignment of sustainability goals.  With an increased expectation for ESG accreditation driving behaviours, the need to simplify the supply chain through directly contracted trade has created a growing need for finance options for SMEs.

SaaScada’s data architecture is designed to enable fast and efficient reporting of financial data as well as consumption of external data, making it possible for Times International to interrogate data sourced from traditional market sources such as Bill of Lading & Customs Data in conjunction with their customer data. SaaScada’s data approach combined with open APIs, will enable one-click SME access to reporting across the Times International portal and minimise rekeying of data for faster and efficient customer verification, processing and approvals.

Importantly, the easy access to real-time data will facilitate both self-assessed and 3rd party assessment of ESG performance to ensure that transactions meet the criteria of green deposits.

Steve Round – ‘SaaScada are very excited to be part of this venture which will power finance to facilitate shorter supply chains and support SMEs to deliver more sustainable global commerce. We are very much looking forward to working closely with Times International to develop their offering and deliver real change in international trade.

Steve Rose – ‘Our partnership with SaaScada will enable us to offer finance solutions not traditionally available to SMEs in this space.  SaaScada’s unique data architecture and extremely flexible product configuration will enable us to support our customer base and respond quickly to their changing needs, which is especially important in the current global economic climate.  Culturally, their shared sense of purpose for sustainability and collaborative approach has made us a natural fit. 

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3S Money partners with Crown Agents Bank to boost international trade

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3S Money, the UK Fintech scaleup, has partnered with Crown Agents Bank to offer 33 new currencies to its corporate clients for the first time, to support their international growth.

The partnership will enable 3S Money’s clients to make payments in a total of 65 currencies, now including Brazilian Real, Ghanian Cedi, and West African Franc, and have access to 45 new local payment rails. This will help 3S Money’s client base scale faster into new markets, save time and increase their revenue. The partnership will also allow 3S Money’s clients to efficiently enter the African market for the first time.

Founded in 2018, 3S Money has chosen to work with Crown Agents Bank to offer these new currencies and payment rails because of Crown Agents’ secure global infrastructure and coverage. With nearly 200 years of experience, Crown Agents Bank is a UK-regulated provider of wholesale foreign exchange (FX) and cross-border payment services, connected across hard-to-reach markets.

Hard-to-reach (emerging) markets are home to 85% of the global population, and nearly 90% of people under 30. However, in 2022, payments to and from these markets are still challenging, expansive and unreliable. A McKinsey survey suggests that, with banks and non-bank players innovating to reduce friction in domestic and cross-border payments, Africa’s e-payments market is expected to reach about $40 billion by 2025, compared with about $200 billion in Latin America.

Aligned by their mission to promote global financial inclusivity, both 3S Money and Crown Agents Bank are dedicated to connecting emerging markets to the rest of the world, through FX and payments innovation.

Ivan Zhiznevskiy, CEO at 3S Money comments, “3S Money is a cross-border payments ecosystem for international businesses. Our purpose is to provide businesses with the guidance and financial services required to scale new markets and expand their footprint.”

“We believe that by eliminating passport discrimination in the financial services sector, the growth opportunities for global businesses will be limitless. Crown Agents Bank are the perfect partner to help us offer sustainable, affordable, and accessible FX and currency services in emerging markets that have a wealth of opportunity.”

Gary Willis, Relationship Banker at Crown Agents Bank said, “this partnership makes perfect sense in our mission to connect hard-to-reach markets to the global economy”.

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